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:: Volume 4, Issue 15 (quarterly journal of Fiscal and Economic Policies 2017) ::
qjfep 2017, 4(15): 115-134 Back to browse issues page
The Impact of Investors’ herding Behavior on the Stock Returns Using Huang and Solomon Model
Sadaf Khojasteh * , Majid Zanjirdar
Islamic Azad University Arak Branch
Abstract:   (5189 Views)

Due to the key role of capital market in macroeconomic variables, addressing to investors’ tendency to imitate the actions of others, the formation of herding behavior, and the impact of this behavior on firms’ stock returns is crucial. For investigating these issues Huang and Solomon's model is used for 49 firms during of 2009-2013. This paper is a practical study and method and nature of this paper is a correlation study and in this regard, Kolomogrov-Smirnov test is used for normality test of data. Furthermore, t-test is used to assess the statistical hypotheses of the research. The SPSS19 and EXCEL software are used to data analyzing. The results suggest that there is a significant relationship between herding behavior of investors and stock returns, and this relationship in large firms is greater than small firms. Moreover, this relationship in firms with high financial leverage is more than firms with low financial leverage.

Keywords: Stock Returns, Herding Behavior of Institutional Investors, the Hwang and Solomon Model.
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Type of Study: Applicable | Subject: Special
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khojasteh S, zanjirdar M. The Impact of Investors’ herding Behavior on the Stock Returns Using Huang and Solomon Model . qjfep 2017; 4 (15) :115-134
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Volume 4, Issue 15 (quarterly journal of Fiscal and Economic Policies 2017) Back to browse issues page
فصلنامه سیاستهای مالی و اقتصادی Quarterly Journal of Fiscal and Economic Policies
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